Global oil prices climbed to a seven-month high on Tuesday as investors assessed the risk of possible military escalation between the United States and Iran.
During Asian trading hours, both major oil benchmarks moved higher before easing slightly. West Texas Intermediate (WTI) rose 0.9 percent to $67 per barrel by 7:40 PM Pakistan Standard Time, while Brent Crude gained 0.76 percent to $72.03 per barrel, remaining close to its highest level in seven months.
Rising tensions in the region have increased concerns about global trade disruptions and economic uncertainty. As a result, some investors shifted away from risk-sensitive assets and moved toward traditional safe-haven options such as gold.
Energy analysts are now considering the possibility of more extreme price movements. In an interview with Bloomberg Television, Fereidun Fesharaki, Chairman Emeritus of FGE NexantECA, said that oil prices reaching $90 to $100 per barrel are “within reach” if tensions continue to escalate.
He noted that if diplomatic talks fail and Iran rejects US demands, the likelihood of further instability could increase, potentially leading to a sharp rise in crude prices in the coming days.
